Sensex tanks 300 pts, Nifty breaks 8900; banks, IT drag

The Sensex is down 363.81 points or 1 percent at 29085.14 and the Nifty is down 119.70 points or 1 percent at 8818.05.

About 615 shares have advanced, 1129 shares declined, and 164 shares are unchanged.

Axis Bank, Hindalco, Sesa Sterlite, ICICI Bank and GAIL are among laggards in the Sensex.

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